Prospects for Close Yemeni-Saudi Economic Cooperation [Archives:2001/26/Front Page]

June 25 2001
The recent visit of H.H. Prince Sultan bin Abdulaziz, Second Deputy Prime Minister of the Kingdom of Saudi Arabia, has opened the way for further economic cooperation. 
Yemen and Saudi Arabia agreed on laying down mechanisms for achieving a strategic partnership on all levels. The two parties agreed on establishing a free zone and the Saudi-Yemeni Businessmen Council with the objective of enhancing trade and investment exchange, serving the mutual interests of the two countries, indicated the joint report issued by the Yemeni-Saudi Coordination Council upon finishing activities last Saturday in Sana’a. 
The report also indicated that Saudi Development Fund (SDF) certified funding Yemeni projects totaling US$ 300 million and other developmental projects in accordance with the coming Yemeni five-year plan. The two parties signed agreements in media, land and sea transportation fields, the report maintained. They also agreed on promoting cooperation in exploring natural wealth along the border line in accordance with the border treaty signed between the two countries in last July, 2000. 
With regards to the electrical network connection between the two countries, the report indicated that the two sides had emphasized reviewing the project in the Arab Cabinet Council. They have also confirmed encouraging investors from the two countries to invest in the field of electricity and to make use of the Saudi electrical tools. 
On the political level, the two sides agreed on proposing a protocol of cooperation between the two foreign ministries of the two countries to coordinate and talk on regional and international issues of mutual concern. 
The Saudi Quality Forum and Exhibition held last week was a major achievement in this regard. “The exhibition is aimed at enhancing trade between the two countries,” said the organizer of the event, Mr. Mohammed A. Bahes